Saturday, November 26, 2022 10:11 pm

Investor purchases 7-acre site zoned for 192 apartments in Chandler

Chandler 7 acres

Chandler 7 acresAn investment group managed by Atlantic Development recently purchased a 7-acre site in Chandler zoned for apartments. It is located east of the northeast corner of Arizona Avenue and Ray Road.

The site was approved for 27 du/ac, 3 stories and 192 units.

Johnson Bank was the seller in this transaction and foreclosed on the subject property in 2013. During the bank’s ownership the site was rezoned in Chandler from industrial to multi-family.

Atlantic Development purchased the site for $1.5 million ($214,258/acre or $7,812/door), and is considering building the approved product.

The transaction was negotiated by City to City Commercial – Kent Baker/Jeff Dinsdale.

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